What is Consumer Behavior? It is the study of consumers and the processes they use to choose, consume, and dispose of products and services. A more in depth definition will also include how that process impacts the world. Consumer behavior incorporates ideas from several sciences including psychology, biology, chemistry and economics.
How many times throughout the day do people make product decisions? If you stop to think about it, many product decisions are made every day, some without much thought. What should I wear? What should I eat? What am I going to do today? Many product decisions are answered routinely every day and they help move the economy of cities, countries and ultimately the world.
It is essential to marketers to monitor or identify products and services to improve satisfaction and increase sales. It will give valuable insight into ideas of new target markets and creation of new products and services. The tools used for identifying consumer behavior are a mixture of psychology, sociology, marketing research and economics. So if you are planning to create or improve an existing product, it is essential that this tool be the initial tool used to accurately understand any product idea or marketing campaign to be used.